Can I edit the balance of an incorrectly entered long term liability? It was not entered as a negative and now reflects incorrect amount.
When I tried to correct my opening balance for a long term liability, a message popped up stating "The transaction you are editing has been reconciled. Saving your changes could put you out of balance the next time you try and reconcile. Are you sure you want to proceed?
So my question is Do I? I have not closed the month this debt accrued. Has anyone else had to do this? I do not want this liability to be the 160 thousand that was loaded as, I need it to be the 130 thousand that it is.
I also suggest consulting an accountant to guide you in making the changes. They can also help and guide you so you can properly reconcile your account. This is to ensure your book is balanced and accurate.